Summary of this article
Clean Max Enviro IPO opened for subscription on Feb 23 at 10:00 AM
The firm seeks to raise Rs 3,100 crore through a mix of fresh issue and OFS
Allotment is expected to be finalised on Feb 26, and shares set to list on Mar 2
Clean Max Enviro IPO: Clean Max Enviro Energy Solutions, a renewable energy provider, opened its initial public offering (IPO) for subscription on February 23 at 10:00 AM. The issue, the largest IPO so far this year in terms of size, will remain open for bidding until February 25. Investors can submit their applications until 5:00 PM on the final day of the offer.
The grey market premium (GMP) for the Clean Max Enviro IPO, however, indicates muted listing prospects, as sentiment in the unofficial market remains subdued.
Clean Max Enviro IPO Details: Issue Size, Price Band, Lot Size
The renewable energy firm seeks to raise Rs 3,100 crore through a combination of fresh issue of 11.39 million shares worth Rs 1,200 crore, and an offer for sale of 18.04 million shares aggregating to Rs 1,900 crore.
The price band has been fixed at Rs 1000-1053 per share and investors can place their bids in lot size of 14 equity shares. At the upper price band, retail investors are required to invest a minimum of Rs 14,742 to bid for one lot.
Clean Max Enviro IPO Allotment, Listing Dates
The allotment of equities is expected to be finalised on February 26, and shares are set to list on both the stock exchanges on March 2.
Axis Capital, JP Morgan India, HSBC Securities, IIFL Capital Services, Nomura Financial Advisory and Securities, BOB Capital Markets, and SBI Capital Markets are the book running lead manager and MUFG Intime India is the registrar.
Clean Max Enviro IPO Objectives
Clean Max Environ Energy Solutions plans to use the net proceeds from fresh issue primarily for re-payment or pre-payment of its and its subsidiaries' borrowings. The remaining amount, the company plans to use for general corporate purposes.
As of September 30, 2025, the company’s total outstanding borrowings stood at Rs 10,261.13 crore on a consolidated basis.
"We propose to utilise an estimated amount of Rs 1,122.67 crore from the net proceeds towards prepayment and/or repayment of certain existing outstanding borrowings availed by our company and/or our subsidiaries, which constitutes 10.94 per cent of our total outstanding borrowings," the firm mentioned in its red herring prospectus (RHP).
Clean Max Enviro Energy IPO Subscription Status: Day 1
The Clean Max Enviro Energy Solutions IPO was subscribed 30 per cent, or 0.30 times, as of 1:51 PM on Day 1.
The qualified institutional buyers (QIBs) portion was subscribed 89 per cent, while the retail investors’ quota saw 2 per cent subscription. The non-institutional investors (NIIs) booked the issue 20 per cent of their quota.
Up to 50 per cent of the net offer is earmarked for QIBs. Retail investors have been allocated at least 35 per cent of the issue, while NIIs will receive a minimum of 15 per cent of the net offer.
Clean Max Enviro Energy IPO GMP Today
The grey market trend shows a subdued demand for Clean Max Enviro Energy Solutions IPO, as its shares traded at a GMP of Rs 3 per share over the issue price. Based on the current GMP and the upper end of the price band, Rs 1,053, Clean Max Enviro Energy Solutions' share price is set to list at Rs 1,056 per share.
